Samsung Electronics decides on buyback

Samsung Electronics has decided to begin a buyback programme to bolster its flagging share price.

Samsung Electronics said Monday its board of directors has resolved to buy 3 million of its common shares and 400,000 preferred shares.

The company will start purchasing the shares three days after its public announcement Wednesday for three months. It will cost the company a total of W500 billion to buy the planned 2% of total outstanding shares. Its common stock is now W151,500 $143.3 per share and preferred stock W69,800 per share.